No one likes filing an insurance claim, but accidents do happen and losses do happen. By following some simple steps you can ensure a smooth claim process and increase your odds of receiving an equitable settlement.
Begin by reviewing your policy and familiarizing yourself with its coverage limits and procedures, along with any necessary documentation such as photographs or videos of damage, inventory lists and receipts.
Reporting the Incident
Although every facility strives to prevent personal injuries and property damage, accidents will happen regardless. That’s why it’s crucial to have the appropriate plan and insurance coverage. Personal injury claims are among the top losses for storage facilities, often leading to substantial settlements and costs; luckily, having a comprehensive safety and loss control plan in place can significantly lower risk at your storage business.
Employing the appropriate policy and understanding the claims process is essential to quickly getting back up and running and avoiding significant financial losses for your business. When filing an insurance claim, the first step should always be reporting an incident via your storage manager who should provide instructions and forms as part of this process.
Thoroughly document any damage or loss and create a list of all affected items, with photographs as well as descriptions of each one and an estimate of its estimated value. Security footage footage at the time of incident may also prove helpful for this purpose, while noting any signs of forced entry such as cut locks or latches should also be noted.
If the incident involves theft, be sure to file a police report as well as providing a copy with your claim form from insurance.
Once a claim is submitted, an adjuster will review its details before making a coverage determination. It’s essential that you partner with an established independent insurance provider who understands all the nuances of the coverage you possess.
Although you cannot completely avoid losses, you can lessen them by having the proper plan and adhering to all terms and conditions of your operation. Doing this will protect you from being surprised by unexpected events – one reason to purchase storage insurance. SnapNsure(tm) makes purchasing storage insurance an easy way for self-storage businesses or owners of rental units alike to cover themselves, or add it on as an add-on policy that saves money!
Documenting the Damage or Loss
When unexpected circumstances arise, it’s vital that all necessary procedures and documentation are followed correctly. From fire to flooding units or any other disaster, taking immediate steps now could make all the difference later on – especially for filing storage insurance claims.
In the event of loss or damage, it’s essential that you report it immediately to the facility. They will provide all the forms and information you’ll need to file a claim and help identify what caused it – be sure to follow any deadlines or specific requirements set by them carefully.
Once damage or loss has occurred, document it by taking clear and detailed photographs or videos and creating a comprehensive list of affected items with their approximate values and serial numbers. This will allow you to submit an insurance provider-compliant report. In case theft or vandalism was involved, however, filing a police report is also essential; make sure you get a copy for your own records!
Once you have reported damage or loss to your storage insurance provider, they will assign an adjuster to review the situation and assess your policy coverage. Cooperate fully with the adjuster by providing access to your unit if required or providing any requested information. Your adjuster will also help locate contractors to repair any damages caused by this incident; multiple estimates for this project would give an accurate picture of their cost.
Note that your home or renters insurance likely does not cover storage units; to confirm, carefully read through your policy’s details. Purchasing an individual storage unit policy may provide additional coverage that your homeowners or renters insurance cannot. In such instances, prioritizing which policy takes precedence may be necessary to resolve claims properly.
Submitting the Claim
Many individuals who use public storage facilities assume their items will be protected under the facility’s insurance, should they become stolen. Unfortunately, this isn’t always the case and unit renters should purchase their own policy to make sure their belongings are secure – in fact, some facilities require customers to purchase insurance as part of their rental agreement; if unsure whether this applies to you please speak with management or staff and get clarification.
Record-keeping is essential when filing a claim, from taking photos or videos of your possessions to keeping receipts or inventory lists to verify their value and ensure you receive adequate compensation for your loss. Furthermore, following any specific guidelines set by your storage facility or insurance provider as part of their claims process can further simplify matters.
Once you’ve taken all the necessary steps, contact your storage facility immediately to report and begin the claims process. They should provide any necessary documents or instructions and answer any of your questions as quickly as possible. It is also imperative to notify your insurance provider promptly to start this process running and prevent delays that could negatively affect its outcome.
Once your claim has been approved, any losses suffered will be compensated up to the limits of your policy. It’s advisable to review it frequently since coverage limitations and exclusions can change with time; keep in mind storing certain types of items, like flammables or gasoline for instance, may not be covered if they cause damage or fire at your facility; speaking with an experienced attorney would be the best way forward if any questions or issues arise regarding storage unit insurance coverage.
Resolving the Claim
People use self-storage units for many different reasons, from remodeling their home, moving their business, or dealing with an unexpected life event such as death. Unfortunately, property loss often results in insurance claims; and for those filing them it can be both stressful and confusing – therefore being aware of all steps involved is key to ensure a positive outcome and avoid mistakes along the way.
Once an incident arises, it’s crucial that both your storage facility and insurance provider work quickly together. Communication between them will begin the evaluation process of any damage or loss sustained. You should provide your insurance agent with all of the documentation they require – this may include an inventory list, photographs or videos showing damages as well as receipts or appraisals that pertain.
After an insurance adjuster has reviewed your claim and issued their recommendation, they’ll notify you of a settlement amount. This may include reimbursement of any damaged or lost items depending on the limits and deductibles in your policy. It is important to remember that it may take some time for claims processing to take place depending on factors like adjuster workload or discrepancies within a claim itself.
Depending on the nature of your claim, if you are dissatisfied with its results it’s essential that you express your displeasure in writing. Your letter should outline any issues with the decision as well as any desired actions from the insurance provider. It would also be beneficial contacting an experienced contracts attorney in order to gain guidance as to how best resolve your dispute.
By documenting any damage or loss carefully, promptly reporting it, communicating with both your storage facility and insurance provider about it and adhering to all their guidelines for filing insurance claims on stored belongings, you can easily file an insurance claim without much difficulty. For additional advice on making successful storage insurance claims contact one of the public storage insurance specialists now!